Creating a will gives you the opportunity to name a personal representative as well as a legal guardian for your minor children. But if you are like many parents, you have yet to complete this part of the estate planning process.
According to a survey produced by Caring.com, only 4 out of 10 adults in the U.S. possess a will or a living trust. If you plan to create your will, these guidelines can help you select a guardian for your children.
1. Consider personal values
If you want your children to grow up possessing certain moral or religious beliefs, you should consider this as you make your estate plan. Select a guardian who holds these same values or would be willing to foster these values in your children.
2. Look into other options besides married couples
When naming a guardian, you may automatically assume your children’s guardian needs to be a married couple. But consider single relatives and friends who would provide your children with love and proper care.
3. Take health and age into account
Taking on the full-time care of young children may be too difficult for your aging parents. As you name a guardian, make sure the person you choose has the energy to take care of your children and is in good overall health.
The person you choose as your children’s guardian may not remain the same as the years pass. Every time you update your will, consider if this person is still a good fit for your children.